Market Synopsis
As per the research by Market Research Future Reports (MRFR), the global public and personal safety market are estimated to value USD 518 billion at a CAGR of 13% from 2017 to 2023. The need for stringent government policies and regulations for public safety is one of the significant factors which drive the global public and personal safety market 2020. According to the research, the global public and personal safety market are likely to be augmented by the increase in natural disaster & cross border terrorism, the rise in criminal activities. Besides, the increasing demand for efficient safety features is another cause propelling the market. Moreover, increased disposable income and a better standard of living are increasing the purchasing power. In addition to it, the increasing population and the rising urbanization is another factor of market expansion. Technological development, demand for more responsive connected devices is another factor that drives the market. However, the lack of technical expertise, high investment are the reasons which are obstructing the market.
Due to the sudden outbreak of novel coronavirus, there has been an immense change in the market dynamics. Several regions have been affected due to the pandemic. We will provide COVID-19 impact analysis with the report.
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Market Segmentation
The global Public and Personal Safety Market can be classified on the basis of service, solution, end-user, and region.
On the basis of service, the global public and personal safety market can be classified into Professional Services and Managed Services.
On the basis of solution, the global public and personal safety market can be classified into Critical Communication Network, Personal safety and general alarms, C2/C4ISR System, Emergency and Disaster Management, Biometric Security and Authentication System, Scanning and Screening System, Surveillance System, and others.
On the basis of end-user, the global public and personal safety market can be classified into Commercial and residential, Emergency services, Government, Manufacturing, Construction and architecture, and others.
On the basis of region, the global public and personal safety market can be classified into Asia- Pacific, Americas, Europe, and the Rest of the World.
Regional Analysis
The geographical analysis of Asia- Pacific, Americas, Europe, and the Rest of the World (RoW) has been conducted. As per the analysis, the North American market is dominating the global market. The demand for high security and technological advancement has resulted to an exponential regional growth. The second position is attained by Europe. Europe is a lucrative market with respect to volume and size. On the other hand, the APAC region is proving to be a fertile market due to the continued development and advancement being implemented in the technologies. The analysis also states that the APAC region is estimated to show significant growth during the forecast period. Besides, the presence of several manufacturers is another key reason which propels the market. The APAC countries such as Japan, China, and South Korea have significant participation in the expansion of the market. The awareness concerning technological development is a continuous process, which is the most important factor driving the market in the region.
However, due to the outbreak of pandemic coronavirus, several regions have been adversely affected. The dynamics of the market are changed significantly due to the observation of worldwide lockdown.
Key Players
The forefront players of the global public and personal safety market are NEC Corporation (Japan), Tyler Technologies Inc. (U.S.), Cisco Systems, Inc. (U.S.), Huawei Technologies (China), Northrop Grumman Corporation (U.S.), LM Ericsson (Sweden), Alcatel-Lucent (France), ESRI (U.S.), AGT International (Switzerland), Honeywell International, Inc. (U.S.), among others.
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